If you want to protect your assets across generations, then it may be appropriate to consider including trusts in your Will. Our asset protection Solicitors can help guide you through this legal process to ensure that your assets will transfer smoothly from one generation to the next.
One common scenario is a client wishing to provide for their Partner during his or her lifetime, while ensuring that after the surviving Partner’s death the assets pass down to the children. This type of situation involves the use of a trust and is often a concern and complication for clients with children from a previous relationship.
A discretionary trust may also be included, which is an incredibly flexible device that preserves the opportunity for tax planning following your death, in light of the tax rules and family circumstances applicable at that time.
A few reasons for creating trusts in your Will:
- To prevent funds from being spent unwisely by a beneficiary
- To protect funds from future divorce or bankruptcy of a beneficiary
- To protect against assets passing out of the family if a surviving spouse were to remarry
- To provide for minor children
- To provide for disabled persons
- To provide for vulnerable beneficiaries
- To keep assets within the pool of direct descendants
- To protect Inheritance Tax relief on assets that are exempt, such as business or agricultural assets
- To minimise Inheritance Tax payable by your estate
- Inheritance Tax planning to qualify for the Residence Nil Rate Band
- Second generation Inheritance Tax planning
Expert Asset Protection Solicitors
Our expert asset protection Solicitors have extensive experience in helping clients resolve legal matters and obtain the best outcome. We can advise on the best trust structures you’re your Will, as well as assist with setting up the Will Trust you client die and administering the Will Trust long term if necessary.
We can also act as Trustees if required.
Get in touch with the team to find out more about how we can help, guide and assist you in a range of matters and requirements.